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Golpu gold equivalent reserve ounces significantly enhance value of Harmony’s asset portfolio

  • Harmony’s gold equivalent reserves increases 31% year on year to 52.9 Million ounces.
  • Golpu* reserve of 450 million tonnes at 1.21% copper and 0.86 g/t gold for 12.4 Moz gold and 5.4 Million tonnes copper declared.

Johannesburg. Wednesday, 29 August 2012. Harmony Gold Mining Company Limited (‘Harmony’ or ‘the Company’) is pleased to publish its Statement of Mineral Resources and Mineral Reserves as at 30 June 2012, produced in accordance with the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC Code) and the Australian Code (JORC Code). The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves.

Graham Briggs, chief executive officer commented, “Papua New Guinea (PNG) has become one of the world’s premier new gold regions. As part of Harmony’s strategy to diversify internationally, we have increased our exploration expenditure significantly over the last 3 years. It is thus pleasing to see this investment has significantly enhanced the value proposition of the Company. Gold equivalent reserve ounces in PNG now represent 42% of Harmony’s total reserves in comparison to 11% as at 30 June 2011.”

Briggs added, ”In South Africa our world-class mines in build-up represent 32% of our total gold equivalent mineral reserves. These mines, together with Wafi-Golpu in PNG, are the solid foundation on which Harmony will in the long-term increase gold production, reserves and profits.”

As at 30 June 2012, Harmony’s attributable gold equivalent Mineral Reserves in South Africa and PNG amount to 52.9 million ounces (Moz), which represents a 31% annual increase in declared reserves. The increase is largely due to the increase in mineral reserves in PNG following the completion of the pre-feasibility study at Golpu*. As drilling at Golpu continues, more ounces from PNG may be added to Harmony’s Reserves.

*Jointly held by Harmony and Newcrest Mining Limited in a 50/50 joint venture

For more details contact:

Graham Briggs
Chief Executive Officer
+27 (0) 83 265 0274 (mobile)

Jaco Boshoff
Executive: Minerals and Growth
+27 (0) 83 395 3810 (mobile)

Greg Job
Harmony Gold (PNG Services) Pty Ltd: Executive - Growth & Resource Development
+61 417 172 387 (mobile)

Marian van der Walt
Executive: Corporate and Investor Relations
+27 (0) 82 888 1242 (mobile)

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